CBI Stock Declines 14% on Subsea 7’s Unsolicited Bid for CB&I’s Planned Merger Partner McDermott.
On April 23, offshore energy-focused engineering & construction firm McDermott disclosed it received an unsolicited, nonbinding bid of $7 in cash and stock on Friday, April 20 from offshore energy peer Subsea 7. The McDermott Board quickly rejected the bid, as it has agreed to merge with no-moat Chicago Bridge & Iron, or CB&I, in an all-stock transaction. However, the bid has scrambled investor thinking about the proposed McDermott-CB&I merger, set for shareholder votes on May 2....Chicago Bridge & Iron Company has four operating groups: Engineering & Construction, which provides engineering, procurement and construction (EPC) services for energy infrastructure facilities; Fabrication Services, which provides fabrication and erection of steel plate structures, fabrication of piping systems and process modules, manufacturing and distribution of pipe and fittings, and engineered products; Technology, which provides licensed process technologies and catalysts; and Capital Services, which provides maintenance services, environmental engineering and remediation, infrastructure EPC services, program management, and disaster response and recovery.
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